Conglomerate Ayala Corp. said Thursday it raised P13.1 billion from preferred share sale.
Ayala said in a disclosure to the stock exchange it sold 5.24 million preferred A shares at P2,500 apiece, comprising of 4 million shares as base offer and 1.24 million shares to cover oversubscription.
The preferred shares, with an initial dividend rate of 6.3587 percent per annum, will be listed on the Philippine Exchange Corp. on May 29 under the trading symbol “ACPAR”.
The preferred class “A” share offering is re-issuance of preferred shares that were previously issued and redeemed by the company. The deal was jointly underwritten by BDO Capital & Investments Corp. and China Bank Capital.
Ayala said it would use the process from the fund raising activity to refinance peso-denominated obligations and partially finance capital expenditures. The conglomerate has P10 billion debt due July 2023 and P4.5-billion short term debt in this June. It also plans to refinance the P10-billion preferred shares series B which is callable on November this year.
.jpg){kind=small}
